THE CHINA MAIL, TUESDAY, JANUARY 5, · 1960,
LONDON VERSUS THE REST
No support from London Steel settlement HONGKONG
Wall Street is expected
London, Jan. 4. The London Stock Exchange has continued to roar ahead. If Wall Street's outlook is as shaky as some Americans think, London will have to go it alone. But it seems well able to do so.
closes higher
London, Jan 12
Oil and steels registered buoyant gning on the
London Stock Markel to
outlook for the
1960
boosts prices on Wall Street
New York, Jan. 1.
day sparked by a good Stocks turned up sharply on reports of a steel settlement today with steel and rail issues pacing the upturn.
business year.
There was also an increased The American magazine Busi-external defielt in 1960 should demand for equity shares, Bul noller but still British Government stocks were ners Werk thinks there may be romewhat
steps to reduce depressed following rumours of large and that well be a further rise In Amen.
higher Interest rates in 671- it air nilal, can bond yiekis (nost New Yea
The Morgan Guaranty Trust | ticipation of fall in gold and to take that fo experts seein
reserves for Decem- grantes) and that Wall Stres Company recently observed that currency
ber which may be announced the two prime requisites are to will be unable to tand it.
on. Tuesday, conßdence in Accordingly, the magazine rel untain foreign
a growing feeling that ports Wall Street will take a down turn of a kind net seen since That renting 10 The Thirties. be seen. bu Wall Sheet does seem likely to be restrained by the pressure of bonds and of the external deficit.
No confidence Americans and Canadians are not possimistice, but they profess no such glowing confidence in their market prospect as is now common In Britain.
Indirect restraht from Wall Street may usefully eurb Lon- which aver-enthudasın, Gon's has very few other curby at the monent.
The US Treasury Secretary, Mr Robert Anderson, thinks the
NOTICE
TO U.S. CITIZENS
10
Dollar stocks were generally improved Coppers also were
the dollar ("for both metal and
213 perigal reaso
United States better. the strengthen empetitive perition,
Loss of gold
The
Dow-Jones
Industrial
stock average, which closed in 1939 of a new peak added more then 6.50 in early trading, the biggest gain since Dec. 8, 1940, while the rall nection rose more its best galu than four points, since Aug. 20 last year,
Sheet ros Youngstown elmost four in the strcle where U.S. Steel added more three, Jones and Laughlin more then four, and Lukens, Republic and Dethlichem two or better.
number of the rails showed Shell, Ultramar and Burmah
New York trends. Ngher also made headway.
up more than Steel Wales, South Dar-Central wos. ham and Stewaris and Lloyds point.
'Today's volume was 3,090,000 were among reel shares show-
chores. ing a healthy buoyancy-AP,
British petroleum and Aus- trulla's Interstate all concern were among oil concerns show-
Compared with these two, it raid, all other proposed or conjing good gains.
ceivable means
of
redressing
the balance of payments are wondary. In 1938 the loss of gold has been checkedt, but the payments deficit has continued
to grow.
The Morgan Guaranty ascribes these changes in relative pre
Rold for
anci dollar ference
sets, mainly to fluctuating In- fert rates rather than to vary- ing confere in the dollar.
It holds that curbs on the out- aw of funds will be largely Lelf-defeating because most such funds come back in payment for dollar good, in any case,
Protectionim would aggravate solve the problem. rather than
It seps the real need as stability in domestic costs and prices.
come
Turning wheel Perhaps the mest triking The wheel of how mustration has turned between Europe and from recently America President Fisenhower's former Social Aristant, Mr Gebriel Hauge. He counselled relaxo- tion of interference with private Abroad American investment
kind of capital iveurs commutes"
Mr Hauge dtled that the Buy
te American modications
Most U.S. Citizens will
to be required
a file U.S. Federal Income Tax Return for the year 1959. U.S. citizens residing in Ilong Kong, wishing to file through some
their Federal Income Tax
#re
Returns for the year 1959
that informed
an
the officer of
Internal Revenue Service, will visiting Hong Kong from January 11 to 15;
be
1960,
01
old programune should. be ne- actions carded as exceptional resembling the post-war dollar sermination against American foods in Europe and should not be regarded by other nations in'
foreign their improved change circumstances as a basis .own for retrogression in their
In order to give advicerale and payments policy,
CK-
It there is a deep-seated
and assistance with any celal problem it may be in the German as much as in tho With
problems arising when fill-American labour scene. ing in forms. Interested persons should call the
their national elections coming
1000 and 1951, respesuvely, these two countries are that
much disadvantage against Dri-
"American Consulate General bich is still diesling the
Telephone No. 35071, Ext. 220, for an appointment.
Announcing the
rout of the anil-business poli- Lienl
Mall fuction.China Special.
opening of our Hong Kong Office
January 18, 1960
R. W. Pressprich & Co.
INVESTMENT BANKERS
48 Wall Street, New York
MEMBERS
New York Stock Exchange
American Stock Exchange (Astor.), Midwest Stock Exchange
AMERICAN STOCKS & BONDS
MUTUAL FUNDS
Investment Advice.
Portfolio Analysis
NORMAN L. YU Representative
603 TAK SHING HOUSE, HONG KONG
Telephone: 31434
WILL YOU SELL IN NOD,
Firm of agents, situated in Oslo's best quarter, wishes to contact factories and exporters in Hong Kong for
representation in Norway. Our firm has connections
Closing prices
GtRedged Bonda
Loen
Rei Transport 3. 1978/15H~~ DOTU. Console 29-4? Consola 474 Conversion
1903 Luen J. LGS.
Funding
3 [959/60- COM
Funding Stock 3, 1990/2004–
Funding Lesh
1950/90
Saving 3%. 1905/55 R19?*. Savings 31, 1900/70 ERIT Savinje 25. 1005/75-70%.
Banks
4
Barclay's Bank "A" Lid ord-85a
Chartered Bank-da 3d cor. Jongkong-R. 8734.
De Havilland Aircraft- 10 Ford Motor Co-11 3d.
Hawker Siddeley
Group Rooles Lid "A"-11 10IGA, Standard Triumph International-
314 30.
11 101.
than
Goodyear Tyr
International Paper Int'l Tel & Tel
43%
STOCK
EXCHANGE Changing pattern
b
Qu: 0-n Carrergondunt
Busincys done at flie Rong kong Stock Exchange
This
morning amounted to approxi
mately $1,049,000, Nocr quota- cos and the morning's trans-
actions:
Share Buyers Belters BANKS
Blank 110s 1910
14
1315 15.00 6.14
Xan
10 1180
40 G+ 1200
0.20 12000 + 0.15
1000+20
25000 4.15
1000 $ 8.13
in today's
railway world
鳗
WHEN railways were first invented they were WE
merely wooden rails on which coal trucks could be drawn by horses. Then the Cornishman, Richard Trevithick, built the first steam locomotive in 1804, to be followed by others including George 581-00 1900 283 Stephenson, who built an improved engine, "Loco- motive No. 1", which opened the world's first public railway in the north of England in 1825.
300 58%
200
2005
Goodrich (B. F.) Co.
4011.K.
Grumman Alterat
221
Heyden Newport Corp.
18
INSURANCES
tiram Walker
334
Union
Homesake Mining Co.
42
SHIPPING
Kurzan Betrig.
20
Waterbost
Imperial Oil .....
38
Wheelock
Imperial Tobacco
Inland Steel Co. ·
3314
Interchemist Corp.
In Dumiere Machines Int'l Harvester
437
TOCKS. ETC.
45
Dock
International Nickel
100TL
1341a
40
181
P514
Provident
. 17.00
Kimberly Ch
09
a
Liggett & Myers Tob. Co. LAZY TUND
R
500 et 18
Lockherd Aircraft
31 Tikog Dock 40.75 3142
42
150 g 40%
100 40%
30%
200 * 40.75
205
1900 $1
400
41
LAND, ETC. H.K. Hotel.
34 34 1500 34
300 + 34
8003412
Of a total 1,204 shares traded 036 were higher and 440 lower.
American Exchange was 1,740,000 shares.
Bond volume $6,080,000.
volume
Johns Manville Co. Kaiser Industries Kaneweest Copper
[news_IncerDA
Lone Star Cement Co.
Lowenstein & Sona
McDermott J. Ray McDonnell Airerats Atemabi Iron Corp. Molsans Drewsey Monsanto Chemies! Co. Montgomery Wardi Motorola Inc.
omounted
to
National Biscuit Co. National Cam Reg. "A" National Dairy Prod.
H.K. Land.
4712
Closing prices
Abitib! Parr. & Paper
Algoma Steet Corp
Am. Gas & Fectric
Am Home Prod.
to
נו
2400
National Leed
National Steel Corp. New York Central
Noranda Mines Ltd.
Norfolk & Western Ry. North Amer, Ariations
Northwest Airlines (Com
On Mathieson
AJ
48% Radio Corporation
Baltimore & Ohla
Bank of Montreal
Bank of Nova Scotia Bench Life Bevera Bell Telephone
Beneficial Pumice Benguet CIL
Bethlehem Sterl
Boerop.co.
Borden
4114 South Puerto Rico Sugar 37%
4392
Standard Brande
12 Standard Oil of End.
Standard Uu ot N.J.
FEDE
לל -
300 B
500 + 1841
100 17.90
18 5000 11.0 Every improvement in engines and railway tracks
seemed to bring perfection nearer, but always there - were fresh discoveries to be made.
40% 40%
1000+18
250 34
800 9412 800 34 402 u 40,50 200 € 40,25 1900 (401
393 or 40%
The development of electricity world, and in 1958 exports were
WEN
the Common-
than
to began to offer a threat to steam 36,030,482
and more engines, but nt that time good wealth
c031
£11,000,000 10 cheap and
cther Ateam
wold The first use markets. That leaves out of readily available. of electric power on British rail account rails, signalling equip
the other Ciings ways was in 1030 on the under- ment and all ground lines in London where needed to build railways end to And all steam and smoke mede travel keep them running. hideous. Soon, however, those this work is additional to what trains is being done by these companies electric underground showed that they had other ad- for British Railways. 1,523 vantages than cleanliness. They 10000 1.325
EXPERIENCE and brake accelerate 15000 7 1.350 could 20000 & 1.550 quickly, and therefore provided
services frequent 200001550 more
6000 1.50 could steam trains. 10000 @ 1.550
Humphreys Realty
20.60 21.30
1.05 1.571 40000
RUBBER
Amalg
A Tawab.
10 40%
ELECTRIFICATION
than
It must also be remembered that British engineers do not determine how railways in the shall be . Commonwealth
And so, in the curly years of But they are only too glad to this century, electrification bo give advice if asked for . It gan to spread, particularly to the conditions sult the operation
To start ot
diesel Steam.
hydraulic, the south of London with. suburban services
and were diesel-electrio
electric electrified, and from these the engines, then British locomotive them, and new form of power spread to the builders will supply mein lines reaching the south the traditions of nearly 180 cons) by the 1930s. It was then years which Britain has in this that the given sufficiently trade will ensure
2001 10.10 'evident that
250 20.20 heavy traffic, electric power was engines will be as good as any 2000 or 20.33 the system of
the future, and of their kind in the world. began to think of
2000 20.40
1800
It was also
00 leiceritying the great main lines railway semaphore migolling
Those drents were
2015 rallwaymen
in Britain that
in Britain.
the
light
there. trom other
abro
Many
bern
forms of colour newest 12 stopped by the war, but the con- Was Rrst invented, and
ditions that obtained after pesce
have algnalling made electrifics developed was declared tion even more necessary, and
gineers big schemes, started before the have felt, in 1000 & 22 20 war, were carried through for British standards of track laying
suburbs and were unnecessarily high.
$39%
40
Allied Chemicade
113
Albed Mins inc.
3872
Cits Elevators
时
Abs Chalmers
3514
Chen-Kinom, Clas
1047
Am. Drake Shoe
Oxford Paper Co.
M
American Cable & Radio
Corp
Pacific Gas & Elte.
American Cyanamid Co
Pan American Airways 8714 Paramount Pictures
Trum!
420 430 8000 @ 4.30
15JO
4.00 4.95
Amer. & Forn. Power
SEY
Bungala
3.74 354
Inaarance
Union £2-15/16
British
Insurance
Canton-
Am Mach. & Fáy.
17214 Tadio Corp. Pret.
Бо Republic Bieel
874
UTILITIES
TI
Tram
American Metal
24%
Bears, Roebuck & Co.
8014
Aircraft and Motors
Motor Corp, Ord--210
Am. Natural Gas
59
| Shell Oil Co.
American Smetting
23
Bateway Biores
37
Star Terry. Yazmati
34.75
143
500 M 33
1200 + $33
n
Am Baar Het.
21% Saint Reg. Paper
American Tei de Tei
804
Scott Paper
America Tob
Bincial Di
6976
100 62 133 200 tot 176 100 135
Ord-
Anaconda Copper
Smith Kine & French
c Light... 20.10 20.00
Armour
34
Socony Mobil Oil
4195
Asbestos Corp.
Bolar Aircraft
Bouthern Co. (The)
Southern Natural Car
Electric
Bouthern
Railway
(Com.)
Fiatric. New 24.75
Macao E... 1120
Standard Oil of Cal.
4935
Telephone.
331
432
700 21
CITY LIGHTS.
503
Steel Co. of Canada
Bleep Mock
Burroughs Add Mschl
Stone & Webster
.341
British Amer. 03
30%
Studebaker. Packant Corp.
INDUSTRIALS Cement
STORES, ETC. onary
100 40%
..... 22.90 £2.50
Sunalne ning
· British Columáda Elec. Calif. Packing Coro. Cam4. Bk. of Comm.
3014
22.40
London's eastern
201
Swift & Co.
2000 24
Texas Co.
the very tough main line roule
5426
Textron Inc.
Watson
Lane Craw
Canadian Pacific R.
*Thinkol Chem
216
Tide Waler ON
Cat. Tractor,
Celanese Corp.
2714
3316 Time Inc. ****
Textiles ...
Tri-Cont. Warrants
Chrysler Mars
Union Carbida
Chiett Peabody
Union OH of Cal.
434%
MISCELLANEOUS
Colombian Carbon Co.
483
Union Pacific Railway
30%
Vibro
Consolidated Edisons
United Aircraft
INVEST
Consolidated Paper
Enited Gas Corp.
Int.
Douglas Alrormēt
381
U.S. Cypsum
8542 Allied
OT!
1.9. Le Co.
20**
US. Rubbgu
107
US. Smeiting
El Paso Notumā Gas Family Finance Corp. Firestone Tyre & Rubber
V.S. Slee
US. Steel 7 PC, PF
14013
130
Warner Bros.
First Nat. Cuty Bank
10P%
Vault Moto
451%
Ford Motor Co. of Cano
181
Westinghoyano Air Brico
3136.
Georgia Partic
50%
TORTS
General Dynamics
General Electric
General Foods
General Motor
"Bir. Pat will be late, sir ------ pinched for parking otherwise he's in the Dinki"
London Express Seritce
Bewertes
Distillers CD 4d
Building and "Materials
Amulated Portland Cement-76
1010.
Pochin Johnson Associates
-30% 34,
+
Campbell Soup Co.
Caro (31) Ca
Dow Chemiegt v Dupont de Nemours
Kalman Kodak
Gen. Pub. Util.
Gen. Tyre & Rubber
Ord
Col. Steel and Engineering Babcock & Wilcox Liduses K.
United Steel-50% 419.
Vickers Lid300, 150.
Food and Tobacco British American Tob. --72 10.
34
Imperial Tobac
Co., LIO Co., Ltd-748
Mlácellantons
Boardman Marden 1944_10552. Brilish Oxygen Ltd. Ord is 3d.
Canadian Pacific Fly--2-
Dunlop Rubber Co-256.
Hongkong a Chins Gas-138.
Imperial Chemicals 420. Lyone & Co-85 34. ·. Unilever L44–143m.
Paper Bowater Paper Corp Ord-17.
Had and
Associated loisetrical
Electrical & Musical—Six.
14.
Engual Electric Co-029 4:44.
General Kincirle 47 84.
Shipping
15.
Westinghouse Electric Western Union Del. Co.
-DO❘ Wert Va, Pulp & Paper
100% WIM-Dade Stores
4% Woolworth (K, W.) 2314 Zenith Radio.. 741
Yesterday's Closing
11042
COTTONS
985
Comtries times past, that
Raul-
500 # 22.10 2570ss the Pennine Chain from way tracks in Britain have, of
Manchester to Shefeld through course, to
0.00 3000
Nanyang 15.30 1935
0.70
5.33
900
be suitable for the
the northern Industrial belt of speed of the trains that run over them, the weight of the trains 503 15.00 England.
overall safely 2000 6 13.10
lot the very heavily 4000
and 1
system.
15.40
WETO
1000 (5
Exchange rates
nationalised
for
New
loaded
standards
of
By this time, British Railways carried, and the 15% 15.80 1700 15.00 national scheme of modernist track laying are how being intro-
The scheme duced tion was planned.
In Britain-for listance, ad 1035 was pubitches m
long welded flat bottomed rails that parte of the showed
concrete on pre stressad eler-eepers. ripe were system 1:10cation using the new, high Those standards are being kept There voltage A/C system instead of up and improved upon. a lower voltage D/C system is no doubt that they will give
traffic was Britain once Other parts where
again a milway ilghter, it was thought, would system record to name in the be boiter marved by
diesel-world enti provide equal mollefac- and diesel hydmulle tion to the countries of the Com- 18.53 electric 12.53 locomotivas or
and
the Indeed, 240
and this type of traction was world, where British engineering
be wed. In some is specified. 18 also to
in the local Baie was done Imodicial exchange market this morning at the following (rsten: U.S. dollars (per #)............ Etding noits (per £1). ... Australian noles (per £1 Indonesian rupiah (per 100) Stam Leat
1007 Sapore (Straite)
COMMODITY PRICES
SUGAR
NEW YORK
Closing prices all in cents per
Contract No. 4 (world)
Jace. Indo-China Sicam Nav. Co. der ‚ord=33# 4ijd.
P&O Steam Navigation det ord
Mar
-- 31.
July
Stores
Great Universal BIKE "AM85 Woolworth F: W. Co-Rs 60.
Textiles Coats J&P £id=36€ 75. Courtauld Ltd 664.
blues
Cone Goldleida of South Africa.
Cons. Zine Cap, Ord-The ac
De Boers det-li3s 14.
• Hongong TM 1910.
Petaling Tin-Taa
Bandol 10124.
Southern Kinta Cosa LAG-3ly 24.
Union Cerpbáz 10%α..
West Driefontein Goldmtrung...
2101.
白熊
British Borneo Petroleum gyngi-
cato - Od vor.
Briti
60_car
Petroleum, Co., Lid-she'
Burma)-680 68.
Itoys Dutch Petroleum-17%-
Transport & Trading--187#
Bhall
Sc.--Beuter.
Agreed merchant rates
with the country's largest "importers in the majority Canadian Dollark, Maximum of branches. References can be obtained both in Hong selling 18-3/18, Minigyan buy- Kong and Norway. Own delivery service. All repliesing 18-10/16 1/0 0/D. to: Ed. Hansen A/S, Prinsensgate 20, Oslo, Norway.
Swise Proper, velimim, melt- Ing 7514-
W. Gentian Deutsch Maximum selling 12-7/36.
Sept.
pontoh. Cuba)
3.31-12
Total Salm 308 contraĒLU. Open interest: 1,918 contract-
Centret No, # (damalla) - March
Kay
July
Total Biker, none contracts. Interest: 1,410
46628
AMSTERDAM
Zine
Closing prices all is guilders Copper Jan.
No. 1 rubber
No. 3 rubber No. 3 rubber
No, 1 orege
multiple units monwealth
instances, while the lines were
being prepared for electricn-
tion.
A re-appraisal of this great Kaiser firm to
plan was
published in 1950
enacuncing changes in timing
and priorities for certain of
features, but its essentials are
still there. By 1964, the people
in many parts of Britain will be
re-enter shipbuilding
Washington, Jan. 14.
provided with swifter, cloaner The Kaiser Industries Cor-
passenger and goods
11
and more economical
transport
22
12.10
on both
33.35
31B7
servlees. Under the plan Britain
will then have a substantialy Closing prices, all in sterling modernised railway system, with the Intes, signalling and safety couipment,
per kilogram, c.lf, Jan.
Bar
1.10 buyers
LONDON
3.16 buyers
3.11 buyers
3.88 buyers
per long ton.
Ta
Epot
Buyers Sellers
78714 758!
784
78452
Spot
Semouth
2101
241
124 1t half.
743%
April
so
COTTON
NEW YORK Closing prices all in cenís per
lb.:
Spot: .33.15 unchanged: March: 33.00; May: 31331 July) 23.14: Oct: 81.195; Dec: #1136; Mar: $1,45b; May: 31.
SAO PAULO
All unquoted.
Average price in UB. 14 designated spot markets: 31.88 coperity cente; Total sales: 87,435 bales,
LIVERPOOL Closing prices all in genes per
RUBBER
LONDON Closing prione · 61) - per Bb.s
No, 1 m upot
Ketikment, supune
3373-94
3-month
Copper
Zine isi haiz
April
poration announced today that it is re-entering ships building, after an absence of 13 years;
Mr Edgar Kaiser, President of said negotia- the Corporation, COMMONWEALTH NEEDS ions had been completed for the of the shipbuilding takeover Most interesting and important
facility formerly operated by is that British railway engineer the National Sipet and Ship- 2531% will have had vest, experience
building of improving railway servicesDiego, California. while not biterfering to more mirnate degree with services. They have had to consider every possible
S
7tban
$315 existing
--UPI.
FOREIGN EXCHANGE
ib:
NEW YORK' Closing rates:
Arivetionis Onnirnei
Cepada
Wriglànd
March/April
May/June: 21:30:
odicial
OEL/NOY:
30-days
Australia
Mixed Condrial [ March/April:
May/June: New Eiland 22.36: Tuly/Aur CS GOL/NOV: Beuth Abies
METALS
method of improving existing services while building for an even better system in the years ahead. No wonder that these Locomotive and men, and the
Corporation sản
the
A Dew corporation, National Stool and Shipbuilding Company, would run the facility, Mr Kaiser sold. He would be President and Chairman of the Board-Reuter.
carriage building factories be Soviet success
hind them, are also called on to help modernising and
developing fho vers
always in jet airliners
Brilain laid down in many parts
of the Commonwealth.
To give just a few examples of
a
Moscow, Jan. 4.
this work, one British firm of The Moskva turbópiop : alr-
1,04-27/21ooogotie
2,0007
BOX
#000
2410
3.7007
2,000
LONDON Closing estos: New York
tordan
Paris
Prices closed in "carlis'për njohim
as follows:
Zurich
builders (there are
25 altogether) has supplied, or
has now bu ortier the following numbers
diesel electric of
locomotives:
10 main line for
| East Afrims 10 mixed frame for Jomales; 20 main lide for
| Malays;
·liners Introduced on the routs ` betweeń – Moscow and Ashkhabad, Turk- menia, today... cut flying tina- From. between 10 to 12 hours to four and -a. -half hours, Tase reported. The 11-19%, which duine Into yêr,
|193gerik;, niod. 27. énešis žirie and mixed raffle for the Rhodeadas.
Those are just · a tour Lakhis · gázakral prbekpotiin. Ing from the order book ot one city a crew of KVW and have as bompany. And to staw you alienation · Medoranta trơn, for
omething of what the whole 70 or 26 pärsacilors, pictura look Dice: Britain er• • During the si podacint
year ported in 19074 Toocahotiven, thither high speed miflinkes Will COTTIESIN TANZics and other equipe té fariduced on air folkes önm ment to the value 2 £31,900,342 tweets lowcoy and Salmgrad, to the Commonweals and nearly his other midis Boviet cendres,
£10,000,000 do' 2009 TWT of the i,the agency said